Bitcoin bounces from $58k low; altcoin divergence widens

Bitcoin traded at $62,800 on Monday, recovering from a dip below $58,000 on July 1 that marked the cryptocurrency's lowest level since September 2024. The recovery amounted to a gain of about 8% in three days. Ether climbed back to $1,760 after touching $1,550 last week, a rise of roughly 13% from its low.

Both tokens jumped at Sunday's futures open. They have since given back about 1% of those gains. The pullback contrasts with a rally in U.S. equity index futures. Nasdaq 100 futures were up 1% and S&P 500 futures were up 0.5% after the long weekend.

The altcoin market showed a sharp split. LIT gained more than 50% over the past week, making it one of the best performers. MORPHO and ADA each lost about 4% in the past 24 hours, extending their recent declines.

Zcash's Tachyon upgrade targets larger shielded transaction volumes and quantum resistance. The upgrade also tests the project's funding and governance model.